6. Complete the table. (Lesson 4) Terms Last Date to Take Date Paid Net Price Invoice Cash Discount Last Date Cash Price to Pay Invoice Date Discount May 16 |2/10, n/30 May 24 $1,296.75

Q: 2) Complete the table. (Lesson 5) Invoice Terms Last Date to Take Discount Last Date Date Net Price…

A: Trade discount is the discount offered by a seller to the buyer upon the fulfilment of certain…

Q: hat is the amount of the refund owed to the customer? (b) Journalize the entries made by the seller…

A:

Q: The monthly finance charge is computed at 1.5% of the unpaid balance. Determine the (a) unpaid…

A: The balance which is outstanding at a certain point of time is known as previous balance. This…

Q: A merchandiser receives payment in full after the expiration of the discount period on a P3,000…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: In the credit terms 1/10, n/30, what does the "1" represent? Group of answer choices number of days…

A: Solution Concept Meaning of term credit terms 1/10, n/30,  It means that if the payment is made…

Q: The company purchased merchandise for ₱55,496 less 2 on terms 50% down, balance 2/10, n/30.  How…

A: Purchase discount is a discount provided by the seller if payment is made within a specific period…

Q: Summary of your account Previous Statement Balance $800.00 Payments -$100.00 $7,500.79 $1,200.00…

A: Here to find out the new balance system in the credit card payment.  For solving this first to add…

Q: On July 9, Bonita Company sells goods on credit to Sandhill Company for $4500, terms 2/10, n/60.…

A: Sales Discounts = Sales value x discount rate =  $4500 x 2% = $90

Q: 2) Complete the table. (Lesson 5) Invoice Terms Last Date Last Date Date Paid Net Price Cash Cash…

A: Term 5/10 EOM Denotes that 5% cash discount can be availed if payment made within 10 days, else…

Q: Use the following to answer the four questions below On January 17, 2022, Seller Company sold to…

A: Payment terms with  4/10 , n/30 it means a discount of 4% will be given if payment is made by buyer…

Q: Terms Last Date to Take Discount Last Date Date Paid Net Price to Pay Invoice Cash Price Invoice…

A: 3/10 , n/30 Implies 3% cash discount if payment made within 10 days, else payment can be made within…

Q: Merchandise With a sales price of $5000 is sold on account with terms 2/10, n/30. The journal entry…

A: Step 1: The sale of merchandise on account simply means that the goods have been sold on credit.…

Q: The following purchases were made by Bay Leaf Trading: Item Purchase Date Amount Date Paid Credit…

A:

Q: Assuming the customer settled his account within the discount period, Sales - 10,000, Sales return -…

A: Sales discount is the amount of allowance or deduction that is provided to customers for their…

Q: QUESTION 2 Peggy, a sole trader, has provided the following information for the year ended 31…

A: A balance sheet is an accounting report that shows a corporation's assets liabilities, and…

Q: A credit sale of $1000 is made on may 1, terms 2/10, net/30. A return of $100 is granted on may 3.…

A: Term 2/10, net/30 means that if the payment of the credit sale is made within ten days, then a 2%…

Q: Question 3 Below is the additional information which was left out by the accounts clerk. The…

A: Statement of Comprehensive Income Changes  in net equity  except those resulting from investments by…

Q: 2. On June 1, 2020, Pitt Company sold merchandise with a list price of P5,000,000 to Burr on…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: Allister's payables ledger control account has a balance at 1 October 20X8 of $34,500 credit. During…

A: We have the following information: Opening Balance: $34,500 Credit Purchases: $78,400 Cash…

Q: Barans Company purchased merchandise on account from Springhill Company for $10,600, terms 2/10,…

A: Net Purchases = Purchases - Purchase return = $10,600 - $2,200 = $8,400

Q: You purchase goods on an invoice dated July 27 with terms of 3/10 EOM. Determine (a) the last day of…

A: A time period of discount which is available for the customer for reducing the cash payment by cash…

Q: 3. The following was the trial balance extract from ABC Trading as at 31 March 2019. DEBIT (RM)…

A: Financial statements are prepared by businesses to calculate the profit and loss. It reflects the…

Q: After the amount due on a sale of $26,500, terms 2/10, n/eom, is received from a customer within the…

A: Sales return is the return of merchandize by the buyer due to various reasons such as defect,…

Q: the sales ledger and purchase ledger junta ltd as at 31 may 2020. purchase ledger balances as 1 june…

A: Particulars Amount ($) Particulars Amount ($) Balance b/f (as on 1 June 2020) 28227 Sales…

Q: Which one of the following journal entry is Correct on 1st January 2020? a. Debit Purchase OMR…

A: Ans. In case of credit purchases, the purchase is debited and the accounts payable or the due amount…

Q: Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with…

A: Merchandising is the process to bringing goods for the selling purpose into market.

Q: 2) Complete the table. (Lesson 5) Invoice Date Terms Last Date to Take Discount Last Date to Pay…

A: Eom is an invoice term which stands for end of month.  Each invoice has terms to specify the date of…

Q: The following information has been presented to you for 2018 by Wonder Projects Limited:…

A: Cash Budget is the important budget in business which helps in estimating cash to be received, cash…

Q: 7. Complete the table. (Lesson 4) Terms Last Date Last Date to Pay Invoice Net Price Complement Cash…

A: The term of the credit given in the question is: 4/10, n/30. It means that a customer can avail a…

Q: After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the…

A: (1) Calculate the amount of refund owed to the customer.

Q: 3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit…

A: Statement of Profit and Loss is a part of financial statement that shows the profits earned or…

Q: Match the last day the discount may be taken to each letter Last Date Date Merchandise was Invoice…

A: Note: 3/10, n/30: Here, 3 represents the discount rate if payment is made within ten days. And if…

Q: After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the…

A: a.

Q: Determine the amount paid to settle the following invoice. Invoice amount = $4,602.00 Payment terms…

A: Invoice- An invoice is a time-stamped business certificate that itemizes and records a transaction…

Q: 3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit…

A: Financial statement: Financial statements are organized summaries of detailed information about the…

Q: 1. A buyer received an invoice for P6,000 dated June 10. and the buyer paid the invoice within the…

A: Since we only answer one question, we will answer the first question. Please resubmit the other…

Q: 3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit…

A: Answer:

Q: BET3 (LO 2) Use the information from BE7.2, assuming Restin Co. uses the net method to account for…

A: Under net method, the sales are recorded at discounted price instead of full invoice price.

Q: 6) Complete the table. (Lesson 4) Terms Last Date Last Date Date Paid Net Price to Take Discount…

A: Invoice means  the bill against which the payment is to be received or paid. 4/15 net 30 means 4%…

Q: How do you find the date goods are received, last day of discount, and end of credit period when the…

A: Compute the date of goods received:  The invoice is dated for November 27th. Hence, the goods are…

Q: 52. On July 9, 2021, Entity A collects its sales on account from a customer in the amount of P48,750…

A: Total sales = amount received / (1 - discount rate) = 48750 / (1 - 0.025) = P50,000

Q: Complete the following: (Use Table 7.1) Invoice May 15 Date goods are received June 05 Terms 3/10,…

A: The company also makes sales on account to its customers and sometimes it also provides cash…

Q: With credit terms of 2/10, n/30, the discount rate for paying after 11th days should be_______. The…

A: Discount Period - Discount period is defined as 2/10, n/30 that shows if the payment made with in 10…

Q: Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: A credit sale of $2,400 is made on April 25, terms 2/10, n/30, on which a return of $150 is granted…

A: Credit terms 2/10,n/30  means that 2% discount will be allowed if payment is made within 10 days…

Q: 3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit…

A: 1. Statement of P&L is a kind of financial statement which is prepared taken with all expenses,…

Q: 3. The following was the trial balance extract from ABC Trading as at 31 March 2019. Particulars…

A: PART i:

Q: Complete the following: (Use Table 7.1) Invoice Date goods are received Terms Last day of discount…

A: Invoice Date = June 18 Terms = 1/10, n/30   The corresponding number to June 18 in Table 7-1 is 169.